You're absolutely right, Mr. Chair. That being said, the concerns are that Bill S-5 changes that context.
You're absolutely right that within the Bank Act, it would be outside of the scope of this bill to make those changes. The question that Mr. Mai is asking is this. Within the scope of Bill S-5, then, currently the process requires an approval from the Superintendent of Financial Institutions. There is a requirement for approval. With the amendments in Bill S-5, it is changed from a requirement for approval to what is a default approval. If there isn't the response and there isn't an application for an extension—a consideration on the decision—it's default approval.
That is of some concern to us. We do understand it's outside of the scope of Bill S-5 to change the Bank Act. We're not suggesting changing the Bank Act. What we're asking is this. Within the scope of Bill S-5, how we would then ensure that there is no default approval. I gather what you are telling us is that the decision would have to remain with the Superintendent of Financial Institutions.